11.30 Acres Hotel Development Site

Property Description

This property offers tremendous highway exposure. Subject Property is located in the SW quadrant of Prince George. It has excellent exposure to the Yellowhead Highway. Major shopping centres ½ km to the East, include Walmart, Canadian Tire, Home Depot, Marks, Shoppers Drug Mart, Dollarama, A&W, Tim Hortons, & McDonald’s.

Description

Gross Land Area 11.3 acres, which includes 6.07 acres of C-5 zoned land. The balance of the land (4.79 Acres) has a restrictive covenant, which permits no buildings and restricts use for almost any purpose.

C5 zoning is restricted to hotel, motel or related commercial uses but, in addition, this site is further restricted to no more than 145 units. The 145 unit hotel and related commercial, would likely fit on less than 3 acres, enabling other C5 Related uses, such as campground of upwards of 36 units, which under zoning could permit recreational vehicles.

There appears to be no restriction on the size of the hotel suites that can be built on the site and could creates the potential for 145 one-bedroom, long-term stay, units.

Rezoning application to allow the land use for Highway Corridor multi-family development was initialed but put on hold. A 2020 Appraisal by Colliers international states that the land-value would increase to $7.8M should this rezoning be permitted.

Other commercial and industrial uses have been suggested for the site that would also raise the value to upwards of $6M but each would require rezoning.